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WASKOM SAVING AND CREDIT COOPERATIVE SOCIETY LIMITED P. O. Box 1759200500 NAIROBI FLEX ADVANCE APPLICATION FORM Personal and Employment Details Date of Application :..Name of Applicant.. (First Name)(Surname)(Other.

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How to fill out the Waskom Sacco online

This guide provides a comprehensive overview of how to complete the Waskom Sacco Flex Advance application form online. Each section is detailed to ensure clarity in the filling process, making it accessible for all users.

Follow the steps to complete your application effectively.

  1. Press the ‘Get Form’ button to access the Flex Advance application form and open it using your preferred method.
  2. Enter the date of application in the designated field to indicate when you are submitting the request.
  3. Provide your full name in the application form, including your first name, surname, and any other names as applicable.
  4. Fill in your member number, which is a unique identifier associated with your account in the Sacco.
  5. Enter your telephone number(s) where you can be reached for any follow-up or verification related to your application.
  6. Specify your source of income, marking whether it is casual or from a permanent position.
  7. Provide details about your employer, including their name, address, and telephone number.
  8. Indicate your residential area and include any relevant postal code and town information.
  9. Request the amount you wish to advance, ensuring to state the figures and also write it out in words for clarity.
  10. Select the duration of repayment by ticking the appropriate option, keeping in mind the associated interest rates.
  11. Sign the application form and provide your identification card number as proof of identity.
  12. If applicable, list the guarantors by filling in their name, member branch number, amount guaranteeing, and telephone number.
  13. Ensure all relevant documents such as a copy of your ID card and recent payslips are prepared as required.
  14. Once you have completed the form, save your changes and prepare the document for submission, either by downloading, printing, or sharing it as needed.

Complete your Waskom Sacco application online today to streamline your process.

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Like banks, SACCOs accept deposits and make loans—but unlike banks, SACCOs are not in business to make a profit. Banks exist to make money for their stockholders, not for their depositors. SACCOs exist solely to serve their member-owners, and benefits are returned in lower loan rates and higher deposit rates.

One of the main objectives of Saccos is to offer members a way of accessing credit by allowing them to borrow up to three times against their savings. The amount that members contribute every month is used to provide loans to other members. In turn, the debtor is charged interest that is distributed among members.

The findings revealed that SACCOs face number of risks that require a system of risk management in order to manage and carry their businesses to their member‟s satisfaction. These risks include and not limited to, pure risk, speculative risk, fundamental risk due to inflation, operational risk and financial risk.

A Sacco is a member-owned financial cooperative society whose purpose is to pool savings from members and use the funds to provide them with affordable credit.

PRINCIPLES OF GOOD SACCO GOVERNANCE 1) Participation. ... 3)Accountability. ... 4) Consensus Orientation. 5) Efficiency and Effectiveness. ... 6) Equity. ... 7) Respect for Rules, Policies and Regulations. ... 8) Strategic and Visionary Leadership. ... 9) Knowledge and Skill in Leadership and Management.

Saccos generally charge members fairly lower interest rates (averaging at 1% per month) as compared to other financiers such as commercial banks and micro-finance institutions. The advantage is that you can save more and invest more.

Compound Interest Saving in a SACCO allows your money to earn interest on deposits, whose rate is ratified by members at the annual general meeting, depending on the SACCO's financial performance. Thus, rather than cashing in on your interest, you re-invest it into your savings, which causes it to grow over time.

Meaning of a Saving and Credit Cooperative Organisations A SACCO is an abbreviation of Savings and Credit Cooperative Organisation or Society. SACCOs are voluntary associations where by members regularly pool their savings, and subsequently obtain loans which they use for different purposes.

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